On this page of StockholderLetter.com we present the latest annual shareholder letter from EXPEDITORS INTERNATIONAL OF WASHINGTON INC — ticker symbol EXPD. Reading current and past EXPD letters to shareholders can bring important insights into the investment thesis.

 •  3/25/2025 Letter Continued (Full PDF)
 •  3/21/2023 EXPD Stockholder Letter
 •  3/26/2024 EXPD Stockholder Letter
 •  More "Airlines" Category Stockholder Letters
 •  EXPD Benford's Law Stock Score = 80

EXPD Shareholder/Stockholder Letter Transcript:

NAVIGATING
COMPLEXITY
EXPEDITORS ANNUAL REPORT 2024


+3%
+72%
-4%
+0% +103%
+103%
+14%
+14%
+21%
-46%
24
23
22
21
20
+11%
24
GROSS REVENUES
+6%
23
+23%
22
21
20
+20%
24
23
OPERATING INCOME
22
-10%
+12%
22
21
20
DIVIDENDS PER SHARE
-17%
-10%
24
23
22
21
20
+17%
+16%
+4%
23
21
DILUTED EPS
+26%
+3%
+12%
24
-39%
-48%
-3%
+7%
20
24
AIRFREIGHT TONNAGE
-3%
-16%
23
22
21
OCEAN CONTAINERS
20

A Letter from the CEO
I write this letter, my last as CEO of this great company, with immense pride and admiration for all
the Expeditors employees who have made this company so special.
2024 was a bit of a strange year. It started off slow, with questions about importers holding excess
inventory, and then almost overnight erupted into a period of great growth. Certainly, some of this
was brought on by outside factors such as possible port strikes and concerns with access to capacity, but this was also a testament to our focus on customer service, retention, and growing current
business, as well as development of new business through our ongoing sales efforts.
We worked hard over the past year to further invest in our people through a series of projects
covering employee engagement (understanding more about our business and why their work
matters) and customer service. We continue to believe that a workforce that understands its
mission is a workforce capable of achieving great things. Our mission is not just moving boxes
around the world, but also to support critical supply chains that move products to the locations
where they are needed, on time, and in a cost-effective manner.
Technology will continue to play a very large role in our future, but, at Expeditors, that technology will be developed by industry professionals who understand logistics. As explained to me
many years ago by our    rst CIO, we need to be at the cutting edge of technology while, at the
same time, making sure our investments in technology drive value for our company. We continue
to subscribe to that methodology today, as it has served us well over the years.
As I walk away from this company, I leave with a sense of sadness, as I will miss the interactions with
our employees, but also with a great deal of excitement for the company   s future. It is my belief
that the company is structured well for tremendous future success and that our employees will rally
around our new CEO, Dan Wall, whom so many have known for so long. This will create a groundswell of new energy that will take the company to the next level.
As for me, I move from a position player on the    eld to a fanatic in the stands. My love and respect
will never waver, as I know in the Expeditors world it is much more than a building that makes a successful company, it is also about creating careers and changing lives. I have certainly experienced
that and will be forever grateful for my time with this company.
A big thank you to our employees, service providers, customers, and shareholders. Your trust in
our company means the world to us and means even more to me, given the trust you placed in
me over the last 11 years in the CEO role. I hope I have served you well and made you proud to be
associated with Expeditors.
Thank you,
Jeffrey S. Musser
President & Chief Executive Officer, Director



 3/25/2025 Letter Continued (Full PDF)